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FLOW - SPX Flow Has Been Improving Itself ... And Street Has Noticed
SPX FLOW Inc.
While I thought SPX Flow (FLOW) was undervalued three months ago, I was concerned that a lack of near-term drivers could limit Street interest. Clearly I needn’t have worried, as the shares have shot up almost 50% since then, with the Street apparently attracted to the mix of more stable food/beverage and personal care end-markets and short-cycle industrial leverage, as well as the steps the company has taken to improve its margins and balance sheet.
Valuation is decidedly more challenging now, as the shares don’t look nearly so cheap on free cash